Backwest drops 40%

Friday, March 10, 2023, Pacific Western Bank branch in Los Angeles, California, USA.

Eric Thayer | Bloomberg | Good pictures

Shares of Pacwest Bancorp fell 56% in extended trading Wednesday, following reports that the bank was weighing a sale.

The regional bank is evaluating options, including a break-up or capital increase Bloomberg report Citing known sources.

Shares of several West Coast regional banks have been hit particularly hard since the collapse of Silicon Valley Bank in March, due to concerns that their customer bases are staying the same. Baywest is located in Los Angeles. The stock is down 72% this year.

Check out the chart…

PacWest shares 1 day

PacWest reported that total deposits fell more than $5 billion to $28.2 billion in the first quarter through March 31. However, the company reported a net gain of $1.1 billion on deposits for the quarter ended March 20.

Bawest also reported that deposits increased by $700 million from March 31 to April 24.

Other regional banks declined in extended trading following the report. The SPDR S&P Regional Bank ETF fell 4.4%, while shares of Western Alliance Bancorp fell 24%.

This is breaking news. Check back for updates.

See also  Amazon CEO Andy Jassy warns of 'short-term headwinds' in core AWS business

Leave a Reply

Your email address will not be published. Required fields are marked *